2016 Q4 Form 10-Q Financial Statement

#000003406716000114 Filed on October 27, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $40.17M $36.55M $39.51M
YoY Change -4.01% -7.48% -23.86%
Cost Of Revenue $30.20M $28.10M $29.22M
YoY Change -24.12% -3.84% -20.61%
Gross Profit $9.930M $8.457M $10.29M
YoY Change 385.1% -17.81% -31.78%
Gross Profit Margin 24.72% 23.14% 26.04%
Selling, General & Admin $10.90M $9.517M $9.938M
YoY Change 29.76% -4.24% -1.62%
% of Gross Profit 109.77% 112.53% 96.59%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.730M $2.770M $2.560M
YoY Change 7.91% 8.2% -24.73%
% of Gross Profit 27.49% 32.75% 24.88%
Operating Expenses $11.90M $10.90M $11.23M
YoY Change 26.6% -2.95% -3.83%
Operating Profit -$1.970M -$2.442M -$941.0K
YoY Change -73.21% 159.51% -127.63%
Interest Expense -$200.0K $265.0K $255.0K
YoY Change -80.0% 3.92% 86.13%
% of Operating Profit
Other Income/Expense, Net $500.0K -$157.0K -$1.463M
YoY Change -225.0% -89.27% -409.96%
Pretax Income -$1.700M -$2.864M -$2.659M
YoY Change -91.87% 7.71% -171.06%
Income Tax $500.0K $272.0K $1.574M
% Of Pretax Income
Net Earnings -$2.190M -$3.136M -$4.233M
YoY Change -86.35% -25.92% -280.74%
Net Earnings / Revenue -5.45% -8.58% -10.71%
Basic Earnings Per Share -$0.16 -$0.22 -$0.30
Diluted Earnings Per Share -$0.16 -$0.22 -$0.30
COMMON SHARES
Basic Shares Outstanding 14.48M shares 14.20M shares 13.93M shares
Diluted Shares Outstanding 14.20M shares 13.93M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.400M $7.500M $8.600M
YoY Change 1.59% -12.79% -42.28%
Cash & Equivalents $6.419M $7.451M $8.574M
Short-Term Investments
Other Short-Term Assets $5.100M $6.600M $12.30M
YoY Change -42.7% -46.34% -34.57%
Inventory $28.83M $32.87M $41.57M
Prepaid Expenses
Receivables $32.96M $25.97M $34.24M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $73.36M $72.88M $96.64M
YoY Change -15.15% -24.58% -9.15%
LONG-TERM ASSETS
Property, Plant & Equipment $57.13M $59.01M $60.38M
YoY Change -1.49% -2.28% 4.32%
Goodwill $16.10M $17.42M $29.76M
YoY Change -6.36% -41.47% -13.45%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $139.0K $107.0K $1.154M
YoY Change 6.11% -90.73% -6.63%
Total Long-Term Assets $89.20M $94.05M $113.3M
YoY Change -6.83% -16.98% -8.15%
TOTAL ASSETS
Total Short-Term Assets $73.36M $72.88M $96.64M
Total Long-Term Assets $89.20M $94.05M $113.3M
Total Assets $162.6M $166.9M $209.9M
YoY Change -10.78% -20.48% -8.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.26M $11.79M $10.34M
YoY Change -9.33% 14.01% 13.54%
Accrued Expenses $4.173M $5.336M $4.219M
YoY Change 5.06% 26.48% 30.02%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $30.75M $29.96M $24.80M
YoY Change -6.54% 20.8% 3.02%
LONG-TERM LIABILITIES
Long-Term Debt $15.70M $14.70M $36.00M
YoY Change -41.42% -59.17%
Other Long-Term Liabilities $2.219M $2.036M $2.005M
YoY Change 15.09% 1.55% 0.86%
Total Long-Term Liabilities $2.219M $2.036M $2.005M
YoY Change 15.09% 1.55% 0.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $30.75M $29.96M $24.80M
Total Long-Term Liabilities $2.219M $2.036M $2.005M
Total Liabilities $50.15M $48.26M $71.67M
YoY Change -21.37% -32.67% 16.39%
SHAREHOLDERS EQUITY
Retained Earnings $80.11M $82.59M $104.1M
YoY Change -8.73% -20.66% -11.68%
Common Stock $725.0K $724.0K $710.0K
YoY Change 1.97% 1.97% 1.57%
Preferred Stock
YoY Change
Treasury Stock (at cost) $25.00K $25.00K
YoY Change
Treasury Stock Shares 2.378K shares 2.378K shares
Shareholders Equity $112.4M $118.7M $138.3M
YoY Change
Total Liabilities & Shareholders Equity $162.6M $166.9M $209.9M
YoY Change -10.78% -20.48% -8.61%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income -$2.190M -$3.136M -$4.233M
YoY Change -86.35% -25.92% -280.74%
Depreciation, Depletion And Amortization $2.730M $2.770M $2.560M
YoY Change 7.91% 8.2% -24.73%
Cash From Operating Activities $360.0K $9.400M -$1.690M
YoY Change -95.52% -656.21% -111.15%
INVESTING ACTIVITIES
Capital Expenditures -$1.650M -$2.840M -$2.340M
YoY Change 166.13% 21.37% -0.43%
Acquisitions
YoY Change
Other Investing Activities -$40.00K -$10.00K $150.0K
YoY Change 300.0% -106.67% -61.54%
Cash From Investing Activities -$1.690M -$2.850M -$2.190M
YoY Change 164.06% 30.14% 12.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 840.0K -8.560M 1.640M
YoY Change -109.15% -621.95% -125.87%
NET CHANGE
Cash From Operating Activities 360.0K 9.400M -1.690M
Cash From Investing Activities -1.690M -2.850M -2.190M
Cash From Financing Activities 840.0K -8.560M 1.640M
Net Change In Cash -490.0K -2.010M -2.240M
YoY Change -72.63% -10.27% -132.61%
FREE CASH FLOW
Cash From Operating Activities $360.0K $9.400M -$1.690M
Capital Expenditures -$1.650M -$2.840M -$2.340M
Free Cash Flow $2.010M $12.24M $650.0K
YoY Change -76.76% 1783.08% -96.29%

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">COMMITMENTS AND CONTINGENCIES</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Contingent Liabilities</font></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company records an accrual for contingent liabilities when a loss is both probable and reasonably estimable. If some amount within a range of loss appears to be a better estimate than any other amount within the range, that amount is accrued. When no amount within a range of loss appears to be a better estimate than any other amount, the lowest amount in the range is accrued. </font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Anti-dumping and Countervailing Duties </font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2015, U.S. Customs and Border Protection (&#8220;U.S. Customs&#8221;) sent us a Notice of Action that proposed to classify certain of our imports as subject to anti-dumping duties pursuant to a 2010 anti-dumping duty (&#8220;AD&#8221;) order on Oil Country Tubular Goods (&#8220;OCTG&#8221;) from China. A companion countervailing duty (&#8220;CVD&#8221;) order on the same product is in effect as well. The Notice of Action covered one entry of certain raw material steel mechanical tubing made in China and imported into the U.S. from Canada by our DynaEnergetics segment during 2015 for use in manufacturing perforating guns. </font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In July 2015, we sent a response to U.S. Customs outlining the reasons our mechanical tubing imports do not fall within the scope of the AD order on OCTG from China and should not be subject to anti-dumping duties. U.S. Customs proposed to take similar action with respect to other entries of this product and requested an approximately </font><font style="font-family:inherit;font-size:10pt;">$1,100</font><font style="font-family:inherit;font-size:10pt;"> cash deposit or bond for AD/CVD duties. </font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2015, we posted the bond of approximately </font><font style="font-family:inherit;font-size:10pt;">$1,100</font><font style="font-family:inherit;font-size:10pt;"> to U.S. Customs. Subsequently, U.S. Customs declined to conclude on the Company's assertion that the mechanical tubing the Company has been importing is not within the scope of the AD order on OCTG from China. As a result, on September 25, 2015 the Company filed a request for a scope ruling with the U.S. Department of Commerce ("Commerce Department"). </font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On February 15, 2016, the Company received the Commerce Department&#8217;s scope ruling, which determined certain imports, primarily used for gun carrier tubing, are included in the scope of the AD/CVD orders on OCTG from China and thus is subject to AD/CVD duties.</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On March 11, 2016, the Company filed an appeal with the U.S. Court of International Trade related to the Commerce Department&#8217;s scope ruling. In its financial statements for the year ended December 31, 2015, the Company recorded a </font><font style="font-family:inherit;font-size:10pt;">$6.4 million</font><font style="font-family:inherit;font-size:10pt;"> reserve for AD/CVD duties and interest that the Company expects to pay if it is unsuccessful in its appeal. For the </font><font style="font-family:inherit;font-size:10pt;">nine months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2016</font><font style="font-family:inherit;font-size:10pt;">, the Company recorded </font><font style="font-family:inherit;font-size:10pt;">$128</font><font style="font-family:inherit;font-size:10pt;"> of interest on its reserve for AD/CVD duties.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company will incur legal defense costs and could also be subject to additional interest and penalties. Accruals for potential penalties are not reflected in our financial statements as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2016</font><font style="font-family:inherit;font-size:10pt;"> as they are neither probable nor estimable at this time.</font></div><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Patent and Trademark Infringement</font></div><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On September 22, 2015,&#160;GEODynamics, Inc., a US-based oil and gas perforating equipment manufacturer based in Fort Worth, TX,&#160;filed a patent and trademark infringement action against DynaEnergetics US, Inc., (&#8220;DynaEnergetics&#8221;), a wholly owned subsidiary of DMC, in the United States District Court for the Eastern District of Texas (&#8220;District Court&#8221;) regarding alleged infringement of US Patent No. 9,080,431 granted on July 14, 2015 (&#8220;the &#8216;431 patent&#8221;) and a related US trademark for REACTIVE, alleging that DynaEnergetics&#8217; US sales of DPEX&#174; shaped charges infringe the &#8216;431 patent and the trademark. DynaEnergetics denies validity and infringement of the &#8216;431 patent and trademark and has vigorously defended against this lawsuit. Motions for summary judgment are due by December 2, 2016, and DynaEnergetics expects to file more than one summary judgment motion. On July 1, 2016, GeoDynamics filed a second patent infringement action against DynaEnergetics in District Court alleging infringement of US Patent No. 8,544,563 (&#8220;the &#8216;563 patent&#8221;), also based on DynaEnergetics&#8217; US sales of DPEX&#8482; shaped charges. DynaEnergetics denies validity and infringement of the &#8216;563 patent and plans to vigorously defend against this lawsuit. On September 20, 2016, DynaEnergetics instituted an Inter Parties Review (IPR) against the &#8216;563 patent at the U.S. Patent and Trademark Office (&#8220;USPTO&#8221;), requesting that the &#8217;563 patent be declared invalid by the USPTO.</font></div><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We do not believe that the&#160;&#8216;431 or &#8216;563 patents&#160;or infringement claims based on the patents are valid, and we do not believe it is probable that we will incur a material loss in this matter. However, if the District Court or a jury determines that the patents are valid and that DynaEnergetics has infringed them, it is reasonably possible that our financial statements could be materially affected. We are not able to provide a reasonable estimate of the range of loss, and we have not accrued for any such losses. Such an evaluation includes, among other things, a determination of the total number of infringing sales in the United States of the implicated systems; what a reasonable royalty, if any, might be under the circumstances; or, alternatively, the scope of damages and the relevant period for which damages would apply, if any.</font></div></div>

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